ARSENE WENGER last night warned Arsenal must not lose their traditional values after being targeted by American tycoon Stan Kroenke.

US billionaire Kroenke has bought a #65million stake in the Gunners and is believed to be ready to launch a full-scale #500m takeover bid after Manchester United, Aston Villa and Liverpool have all been bought by wealthy Americans.

But Arsenal boss Wenger, whose side entertain West Ham today, yesterday spelt out his values of "class, distinction, respect and ambition" which he says they must never lose even if Kroenke buys the club.

He said: "It's important Arsenal maintains its values because they are what make the club so popular and that is beyond any investment. The club must maintain the values it has always had here.

"The values are a bit of human class, distinction, respect for people and ambition to have a certain class in what you do. That's what I felt when I came inside this football club.

"There was fair play, a desire to do things well and basic human values. It's a daily struggle to keep those values and they are not only decided by foreign investment because you can have bad English people as well who go the wrong way.

"What I like at this club is that we have maintained our values, we show we care about our fans and we care about people who love the club.

"In the last 10 years we have always given the impression we can maintain those values.

"I was always very comfortable here because there was a desire to have a certain level of attitude and behaviour that makes you feel comfortable.

"I have had no assurances but I'm not worried at all. I don't think the club have been bought by somebody. It's just somebody who has bought shares. You have to wait in the future to see what his intentions are."

Kroenke, owner of the Colorado Rapids MLS team who have just completed a tie-up with Arsenal, bought ITV's 9.9 per cent stake in Arsenal, as well as a 50 per cent share of the broadband business.

It is also understood Kroenke has spoken to all of Arsenal's major shareholders and is believed to be ready to buy vice-chairman David Dein's stake as he looks to make a concerted takeover bid.

Majority shareholder Danny Fiszman recently sold #3.9m worth of shares and reduced his stake to 24 per cent and lost his veto rights which has increased speculation a takeover is imminent.

But Arsenal's longer standing shareholders, like chairman Peter Hill-Wood, insist they do not want to sell for fear of the club losing their "traditional" values.

Fiszman is also thought to be reluctant to sell after putting so much money and time into building Arsenal's new 60,000-seater Emirates stadium. But Kroenke - who has major stakes in several American sports teams, including the St Louis Rams and Denver Nuggets in the NBA and the Colorado Avalanche in the NHL - is unlikely to give up.

American businessmen believe English football clubs are undervalued. But Kroenke is likely to face a long battle if he wants to buy Arsenal.